Q5. Umi Grabbo, CFA, is a highly regarded portfolio manager for Atlantic Advisors (AA),a mid-sized mutual fund firm. She has watched the hedge fund boom and on numerous occasions pushed her firm to create such a fund. Senior management has refused to commit resources to the area. Frustrated by the inaction, and attracted by the higher fees associated with hedge funds, Grabbo and several other employees organize a hedge fund in the non-work hours. Grabbo is careful to work on the fund only on her own time. Because AA management thinks that hedge funds are a fad, she does not inform her supervisor about the hedge fund. According to the Standards of Practice Handbook, Grabbo least likely violated the Standard relating to: A. loyalty. B. Disclosure of conflicts. C. Priority of transactions. D. Additional compensation arrangements.
答案和详解如下：
Q5. C Study Session 1-2.a By establishing a hedge fund separate form AA, Grabbo violated several Standards. The hedge fund may conflict with her employer's interests and must be disclosed according to Standards VI (A) Disclosure of Conflicts. The hedge fund also provides additional compensation and must be disclosed according to Standards IV (B) Additional Compensation Arrangements. Finally, according to Standard IV (A) Loyalty, members must act for the benefit of their employer, not deprive their employer of the advantage of their skills and abilities, or otherwise cause harm to their employer. In setting up the new fund, Grabbo was not acting for the benefit of her employer. She should have informed AA that she wanted to organize a hedge fund and come to same mutual agreement on how this would occur.
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发表于 2007-11-7 09:42
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